FAQs

CIPF member firms are members of Canadian Investment Regulatory Organization (CIRO) that are: (i) investment dealers and/or (ii) mutual fund dealers that are not located exclusively in Québec. Please click here for a list of CIPF Investment Dealer member firms and here for a list of CIPF Mutual Fund Dealer member firms. 

CIPF protection is not available to customers for mutual fund dealer account located in Québec, unless the member firm is also registered as an investment dealer. A mutual fund dealer account is considered to be located in Québec for the purposes of CIPF coverage if the office serving the customer is located in Québec.

Member firms sometimes market themselves under names other than their legal entity name, which is why you may not recognize them on the list. If the legal entity name of your investment dealer or mutual fund dealer is not on your statement, please check with your account representative at the firm. If you are unable to access the list of member firms on the CIPF website, please call CIPF at (416) 866-8366 or toll free at 1 (866) 243-6981.

Not necessarily. Accounts with entities other than a member firm, including a member firm’s affiliates, are not covered by CIPF unless the affiliate itself is also a member of CIPF.

No, CIPF does not cover losses arising from the insolvency of your portfolio manager. You should contact the securities regulator in the province or territory in which your portfolio manager is located.

In your case, the investment dealer has an arrangement to provide custody and trading services to your portfolio manager and its clients. Although you are a client of both the portfolio manager and the investment dealer, CIPF coverage applies only if the investment dealer becomes insolvent, not the portfolio manager.

The CIPF Disclosure Policy, effective January 1, 2023 is available here.

Housekeeping amendments were made to address editorial and non-material typos (e.g., spacing, capitalization, consistency in terminology and to reflect the name change of the New Self-Regulatory Organization of Canada (New SRO) to the Canadian Investment Regulatory Organization (CIRO). The housekeeping amendments were approved by the Canadian Securities Administrators (CSA), in accordance with the CSA-issued orders approving CIPF as compensation fund.

CIRO’s Corporation Investment Dealer and Partially Consolidated Rule 2284 requires CIRO members to disclose to its clients, in accordance with the CIPF Disclosure Policy, membership in CIPF and the coverage available for eligible accounts.

CIRO’s Mutual Fund Dealer Rule 5.3.2(e) requires that each account statement include disclosure, as established by CIPF.

Parts A and C apply to CIRO members registered under Canadian securities legislation in the category of “investment dealer” or in the categories of both “investment dealer” and “mutual fund dealer”.

Parts B and C apply to CIPF members registered under Canadian securities legislation in the category of “mutual fund dealer” only.

This means that where it is practical to do so, a CIRO member must communicate about CIPF in the language that it usually uses in its dealings with a customer. For example, if the CIRO member usually communicates to a customer in French, communication about CIPF coverage must also be done in French.

Yes, PM contact information may be included on an account statement. If a CIRO member includes PM contact information on the account statement, it must appear on the statement as follows:

However, a CIRO member must not place the PM’s contact information near the CIRO logo or CIPF Membership Identifier (such as directly above, below or beside it), or in a manner that suggests or implies that CIPF coverage applies to losses arising from the insolvency of a PM.

Where a CIRO member has entered into a service arrangement with a PM to provide custodial services to the PM and its customers, the following CIPF disclosure must be placed prominently on the front page of the account statement:

This disclosure on the front page is required in addition to the general requirement for CIRO members to include the CIPF Membership Identifier on the front page and the CIPF Explanatory Statement in all account statements.

CIRO members should note that CIPF coverage applies only if the CIRO member becomes insolvent, not the PM. In accordance with the CIPF Disclosure Policy, CIRO members must not make any false, misleading, or deceptive statements about the nature or scope of coverage provided by CIPF. This includes suggesting or implying that CIPF coverage applies to losses arising from the insolvency of a PM.

This means that prior approval from CIPF is required for any disclosure that:

• was not created by CIPF,
• contains disclosure about CIPF other than what is permitted under the CIPF Disclosure Policy (i.e., disclosure other than the CIPF Membership Identifier, CIPF Explanatory Statement, or the disclosure described in s. 5(b)(i) of the CIPF Disclosure Policy), and
• will be broadly distributed.

Disclosure about CIPF on electronic business sites, including websites and social media, physical business premises, and advertisements are considered by CIPF to be created by a CIRO member for broad distribution. We would be happy to work with you regarding any disclosure about CIPF that you wish to distribute broadly. Please complete and submit the CIPF Exemption and Approval Request Form available on our website here to [email protected].

Yes. Any disclosure about CIPF on websites and social media, other than what is permitted under the CIPF Disclosure Policy, must be approved by CIPF in advance. See also FAQ # 38.

We would be happy to work with you regarding any disclosures about CIPF that you wish to create for broad distribution. Please complete and submit to [email protected] the CIPF Exemption and Approval Request Form available here.

Yes. A CIRO member must notify CIPF if it discovers that any non-CIRO member with which it has a relationship is making any false statements about the nature or scope of coverage provided by CIPF, including disclosure about CIPF membership. This requirement is only triggered if the CIRO member becomes aware that the non-CIRO member is making false statements. A CIRO member is not required to actively review or monitor statements about CIPF made by related or affiliated non-CIRO members.

A non-CIRO member includes a financial services entity regulated by a securities regulatory authority or by another Canadian financial services regulatory regime such as banking, insurance, deposit-taking, or mortgage brokerage activities. For example, a non-CIRO member in this context could include portfolio manager (PM) that has a service arrangement with a CIRO member.

Please complete and submit the CIPF Exemption and Approval Request Form available here to [email protected]. CIPF will generally confirm receipt of your request within 2 to 3 business days of receiving a completed form. CIPF may request additional information or clarification from a CIRO member at any time during its review.

CIPF aims to provide a final determination on an exemption request generally within 4 to 5 weeks of receiving a completed form, or within 4 to 5 weeks from the date on which, in CIPF’s view, complete information regarding the request has been received by CIPF.

Additional time may be required by CIPF to review requests that are more complex or that would entail a significant departure from the requirements in the CIPF Disclosure Policy. In such instances, CIPF will advise that the review will take longer and will provide an estimate regarding the timing for completion of the review.

There are three versions of the CIPF Explanatory Statement in the CIPF Disclosure Policy:

• an Explanatory Statement for CIRO members registered as investment dealers or as both investment dealers and mutual fund dealers.
• two options of the Explanatory Statement for CIRO members registered as investment dealers or as both investment dealers and mutual fund dealers.

CIPF Membership Identifiers are provided upon request to [email protected].

Please specify the desired format (.eps, .jpeg or .gif) and language (English, French, bilingual) in your request. For the graphic version of the CIPF Membership Identifier, please also specify the colour variant (black, reverse white, or black and taupe).

The CIPF Membership Identifier is available as a graphic and text version. See Appendix A of the CIPF Disclosure Policy for the prescribed formats of the graphic and text versions.

Although there are no specific size requirements for the CIPF Membership Identifier (graphic or text versions), it must be displayed so that it is clearly visible and legible, with:

• good contrast to the background to ensure maximum impact and accessibility, and
• a clear surrounding area without graphic elements or text.

The graphic version of the CIPF Membership Identifier:

• must be produced from a digital master reference available from CIPF by emailing your request to [email protected], and
• must not have its design altered in any way, but may be altered with respect to its overall size, provided that the relative proportions and colours are maintained and the content is clearly visible and legible.
• The graphic version is available in three colour variants (black, reverse white, or black and taupe).

The text version of the CIPF Membership Identifier does not have any font, minimum point size or colour requirements.

Electronic versions of the CIPF Official Brochures are available exclusively for CIRO members and must be purchased directly from CIPF’s designated printer using the order form located here. The printer will provide the PDF to the CIRO member for distribution.

CIPF brochures are available in English or French and CIRO members have the option of ordering blank or imprinted hard copy brochures, or an electronic brochure. The electronic brochure is also available in an accessible format, which complies with Accessibility for Ontarians with Disabilities Act (AODA).

No. Only the legal name of the CIRO-regulated firm can be imprinted, stamped or printed on the CIPF Official Brochure.

Trade names or divisions of CIRO members are not obligated to distribute the CIPF Official Brochure to customers under the CIPF Disclosure Policy. If the CIRO member’s trade name or division distributes a CIPF Official Brochure, that brochure must be imprinted, stamped or printed with the name of the legal entity that is the CIRO member.

Yes. A print-out of the PDF version purchased from CIPF's printer of the CIPF Official Brochure can be provided to customers and is considered to be an official version of the CIPF Official Brochure. Please note that you must not change any aspect of the PDF received from CIPF’s designated printer.

Yes. The CIPF Official Brochure may be included in a customer application package only if:

• You do not change any aspect of the CIPF Official Brochure
• The pages of the CIPF Official Brochure are not presented on the same page as other content in the customer application package (for example, in a double-sided package, the CIPF Official Brochure cannot be imprinted on the back of a document that is not the CIPF Official Brochure), and
• The CIPF Official Brochure is imprinted, stamped or printed with the legal name of CIRO-regulated firm.

Yes. The CIPF Membership Identifier is permitted on a CIRO member’s trade name’s website provided that:

• it is not a separate legal entity from the CIRO member,
• the full legal name of the CIRO member is also clearly visible, and
• the use of the CIPF Membership Identifier is in compliance with the General Principles of the CIPF Disclosure Policy.

If a CIRO member’s website is part of a combined financial institution group website or if a CIRO member employs dually employed representatives, the CIPF Membership Identifier is to be displayed only on the webpages within the website that relate to activities for which CIPF coverage is available.

However, there is one exception to this rule. The CIPF Membership Identifier can be displayed as part of a banner that is included across multiple or all webpages within the combined financial group website, provided that those webpages that relate to activities for which CIPF coverage is not available include clear and visible disclosure indicating that CIPF coverage does not apply. CIRO members do not need to provide this disclosure to CIPF for approval.

The main things to know are:

• Effective January 1, 2023, CIPF’s name in French was changed to “Fonds canadien de protection des investisseurs” and “FCPI” as the acronym. Accordingly, any references to the Former CIPF’s French name “Fonds canadien de protection des épargnants” or “FCPE” will need to be replaced.
• Effective January 1, 2023, CIPF has a new logo to reflect the amalgamation of the Former CIPF and MFDA IPC. The new logo has been incorporated into CIPF’s Decals and Membership Identifiers. Accordingly, these disclosure materials will need to be replaced.
• CIPF’s Explanatory Statements have changed to refer to CIPF’s two segregated funds (the Investment Dealer Fund and the Mutual Fund Dealers Fund). Accordingly, Explanatory Statements will need to be updated with the applicable Explanatory Statement.
• CIPF’s Official Brochures have been updated to reflect the amalgamation of the Former CIPF and MFDA IPC.
• CIRO members must update any Former CIPF membership disclosures by December 31, 2024. For clarity, CIRO members may update their membership disclosure anytime prior to December 31, 2024.

A two-year transition period was set for the changes required by the CIPF Disclosure Policy. Firms that were members of the Former CIPF and MFDA IPC prior to January 1, 2023 must be in compliance by January 1, 2025. Until then, each CIRO member can continue to comply with the disclosure requirements that were applicable to the CIRO member immediately prior to January 1, 2023 namely, the Former CIPF Disclosure Policy, effective February 10, 2021, or MFDA Rule 5.3.2(e) and MSN-0083. All references in a CIRO member’s disclosure, website and documentation to a predecessor of CIPF will be deemed to be a reference to CIPF.

For clarity, CIRO members may comply with the requirements under the CIPF Disclosure Policy effective January 1, 2023 anytime prior to December 31, 2024.

The Former CIPF Disclosure Policy can be found here. Information regarding MFDA Rule 5.3.2(e) and MSN-0083 can be found here.

Firms granted CIRO membership on or after January 1, 2023, are required to comply with the CIPF Disclosure Policy, on the earlier of: (a) the date the membership is granted, or (b) June 30, 2023.

Yes. The Former CIPF Official Brochure (version dated December 2016) can be provided to customers until December 31, 2024.

Members of Former CIPF will need to update the following disclosure materials:

• CIPF Decal;
• CIPF Official Brochure;
• Any graphic versions of the CIPF Membership Identifier on the CIRO member’s website, account statements, and confirmations
• French and bilingual text versions of the CIPF Membership Identifier on the CIRO member’s website, account statements and confirmations;
• replace the Former CIPF Explanatory Statement with the CIPF Explanatory Statement on account statements and confirmations;
• for CIRO members that have a service arrangement with a registered portfolio manager to provide custodial services to the portfolio manager and its customers: ensure the additional disclosure required on account statements under section 9(b) of the CIPF Disclosure Policy, effective January 1, 2023 has been updated with the CIPF French name; and
• any other relevant disclosures mentioning the Former CIPF.

Former MFDA members must update the Former MFDA IPC disclosure on account statements with the CIPF Explanatory Statement set out in Part B, Section 10 of the CIPF Disclosure Policy.

This disclosure must be updated by December 31, 2024. For clarity, CIRO members may update their membership disclosure anytime prior to December 31, 2024.

After the completion of the two-year transition period ending December 31, 2024, CIRO members registered as mutual fund dealers must:

• be informed by the General Principles, as set out in Section 2 of the CIPF Disclosure Policy, in their reasonable efforts to comply with Parts B and C of the CIPF Disclosure Policy;
• get prior CIPF approval for any disclosures about CIPF created by a CIRO member for broad distribution. This means that prior approval from CIPF is required for any disclosure that:
  • was not created by CIPF,
  • contains disclosure about CIPF other than what is permitted under the CIPF Disclosure Policy (i.e. disclosure other than the CIPF Membership Identifier, CIPF Explanatory Statement, or the disclosure described in s. 5(b)(i) of the CIPF Disclosure Policy), and
  • will be broadly distributed.
Notify CIPF if it discovers that any non-CIRO member with which it has a relationship is making any false, misleading or deceptive statements about the nature or scope of coverage, or the limitations and exclusions from coverage, provided by CIPF, including CIPF membership.

Bill 96, which became law on June 1, 2022, introduced changes to Quebec’s Charter of the French Language regarding the use of non-French trademarks on signs and commercial advertising (including websites). CIPF’s Decals and Membership Identifiers incorporate CIPF’s trademark.

CIRO members in Québec are advised to confirm that use of their selected CIPF Membership Identifier and CIPF Decal are in compliance with the legislation in Québec regarding trademarks on public signs and posters and commercial advertising. The English ‘CIPF’ and French ‘FCPI’ logos, effective January 1, 2023, are expected to be officially registered with the Canadian Intellectual Property Office in and around March 2026.

CIPF Membership Identifiers and CIPF Decals are available exclusively in French.